Hudson Valley Holding (HVB) is eager to reinvent itself seven months after being freed from a regulatory order. Fortunately, the Yonkers, N.Y., company has plenty of cash to pull off the transformation.

The key for the $2.9 billion-asset company, given its historic focus on commercial real estate, has been diversification. It launched an asset-based lending unit in November and in March created an equipment-lending arm.

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